Just a few weeks ago, Wall Street’s equity strategists rolled out their 2018 forecasts for the stock market. But now that tax reform is basically a done deal, some strategists are rewriting their outlooks.

“Each 1% of tax rate decline theoretically adds nearly $2 of EPS but several company management teams are suggesting that a portion of the tax savings will be used for competitive strategies, which may include price cuts and/or more marketing expenditures,” he said. “Thus, it may be presumptuous to build the full benefit into 2018’s projections and Street hopes of a very large boost may be disappointed.”

Stock market forecasters are already tweaking their 2018 outlooks.

Nevertheless, Levkovich acknowledges that stocks could go a lot higher.

“The possibility of a blow-off rally does exist but we doubt that a repeat of 1999’s exuberance is probable,” he said. “The excitement around cloud, automation, robotics, virtualization, cybersecurity and mobility has been a major part of the near 40% rally in the Information Technology sector this year and hence it seems unlikely that another big boost is coming in 2018. The underlying fundamentals are very well known and thus captured in current valuations and forecasts, in our opinion.”

Elsewhere, Morgan Stanley’s Michael Wilson maintains his 2,750 target on the S&P. Though on Wednesday, he reiterated his call for “a market top the day a tax bill becomes law.” However, he thinks any weakness in the markets should prove temporary.

“First, breadth is still too strong and we have yet to see any major divergences in that regard. Second, the tax cut bill didn’t just happen earlier than we thought, but the cuts are bigger too which can get us higher than current levels, particularly if the euphoria stage persists,” Wilson said. “As a result, we are open to the idea that if we finally get a pause to reset sentiment and positioning in January, that could set us up for a move toward our bull case of 3,000 in 1H 2018.”